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Private Money Partnering Table of Contents
Find Out All You Need To Know About Private Money
Partnering And Joint Venture Real Estate Investing.

Finding Private Money Partners
How To Find Private Money Partners for Real Estate Venture Capital Using The Web And Other Resources

Testimonials About Private Money Partnering
Find Out What Investors Have To Say About The Information On The Private Money Partner Site.

Private Money Real Estate Venture Capital Glossary
Coming Soon. Terminology for Private Money Partnering And Real Estate Joint Ventures.

Private Money Joint Venture Real Estate Blog
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Private Money Partner Meetup Forum
Private Money Investors & proposers Can meet and find mutually beneficial partners.

Private Money Partnering Home Page
Introduction To How We Can Help You Find The Private Money That You Need.

Maintaining The Private Money Project Relationship

Chapter M. Protect Yourself And The Deal

Communication Components
Ten Commandments For Building Effective Partner Relationships

SCOTT: Well, instead of the original renovation of $15,000, it's going to end up being more like $25,000, possibly $30,000. I'm trying to stay around the lower end, but realistically we should probably stay around the higher end. Unfortunately, it does not look as if it's going to add anything to the bottom line when we're finished as far as when we sell the house. So I don't like having to tell you, but it is a fact and we're going to need the extra money to close the deal and we have to fix it. It's not something we could
patch.

BILLIE: So if I come up with the extra money. what type of return on that additional investment are we looking at?

SCOTT: Since it's taking away from the original deal, the original end result, as far as what money we would end up with, on your end I would just need for you to take the brunt of coming up with the extra money. On my end I would take the brunt of the extra labor and time. 50 it would be a trade off. I'm most interested in the end result where we could sell the house and go on to other deals.

BILLIE: Well, if I come up with the extra $10,000, maybe more than that, and I was willing to wait for my return on the initial deal, how would it work on the additional money if I were to be paid interest monthly on that investment?

SCOTT: On the additional money? That won't work in this deal. What I'm looking for is a situation where we're both trying to win. That was our original intent. That's still my intent. I'm hoping with the way the tone of this is going that you'll set that it's very possible for both of us to lose everything. Let's just jump on the same bandwagon and let's not give any more money. I can't pay any more money because I'm already two more weeks behind schedule, and that's costing me extra. To pay you more money is not a good situation. I can appreciate your wanting to earn more money on additional money, but we need to be on the same team here and get out of this one, because it has become marginal.

BILLIE: Well, since we're partners and when we went into the deal neither one of us knew the additional circumstances, the hidden circumstances.

It was uncomfortable both for Scott and Billie to deal with bad news, but this was clearly a situation in which both partners were trying to. use their problem solving abilities. For both of them, commitment to the partnership was a key.

Ten Commandments For Building Effective Partner Relationships:

1. State clearly what you want
2. Recognize the effect of what you want on the other person
3. Be up front and direct about problems
4. Offer options and alternative suggestions
5. Know the difference between what you want and what you'll
accept, a basic concept in negotiating
6. Show willingness to adapt to the unexpected
7. Show integrity
8. Give the context of what had been expected before, if there's a
change
9. Anticipate what they're likely to do and have a response
prepared for each likely situation
10. Acknowledge what you've learned from the interaction

In summary, the project relationship is maintained through trust, honesty, money doing what it's supposed to do, skill, experience, flexibility, and a commitment to the partnership.

Kinds of Returns and Rewards - Chapter N


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